Volvo Cars’ May Sales Surge 31% as Recovery Gains Momentum

Emma James Emma James

Volvo Cars posted a 31% rise in sales for May compared to the previous year, selling 60,398 cars.

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The increase in sales follows a challenging 2022 for the company due to COVID lockdowns, chip shortages, and supply constraints.

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Volvo has been gradually recovering from setbacks and has consistently seen higher sales figures in recent months.

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To address high costs, the company initiated a cost-slashing effort, resulting in the elimination of 1,300 jobs.

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Production of Volvo's fully electric SUV has been delayed until 2024.

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Sales in Europe, Volvo's biggest market, rose by 40%. Sales in China increased by 49%. Sales in the United States saw a 14% increase.

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